Michael Novogratz, CEO of Galaxy Digital Holdings Ltd. (ticker: BRPHF), expressed unwavering confidence in the approval of spot Bitcoin-exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) this year. Reflecting on the recent legal victory of Grayscale Investments LLC, Novogratz anticipates a positive outcome for ETFs, marking significant progress in the realm of digital assets. Novogratz shared his optimistic outlook during a recent interview on CNBC, projecting a 2023 timeline for the anticipated SEC endorsement, “It’s gonna get approved.” This positive sentiment is fueled by the SEC’s loss in the court case against Grayscale, signaling a shifting tide in favor of ETFs.
The legal precedent set by the court’s decision in favor of Grayscale has paved the way for the further integration of cryptocurrencies into traditional financial structures. Building on these developments, Galaxy Digital is actively seeking alliances to make headway in this emerging space. Novogratz mentioned a collaborative endeavor with Invesco aimed at ETF application. The unfolding scenario presents a hopeful picture for the proponents of digital assets, establishing a precedent for regulatory accommodations.
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